So-called “Liberation Day” tariffs shook markets and sparked recession fears on April 2, with rates ranging from a universal 10% to a country-specific reciprocal tariff as high as 49% for Cambodia. While the 10% universal tariffs took effect on April 5, the country-specific reciprocal tariffs were paused on April 9 for 90 days before taking effect, other than for China, which instead saw its reciprocal rate increased sequentially to 145%. However, the reciprocal rate for China was reduced to 30% on May 12, reflecting a reversion to the universal 10% rate plus a 20% fentanyl-related tariff imposed prior to Liberation Day.
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